How does the IRS convert foreign currency to US dollars?

If the IRS receives U.S. tax payments in a foreign currency, the exchange rate used by the IRS to convert the foreign currency into U.S. dollars is based on the date the foreign currency is converted to U.S. dollars by the bank processing the payment, not the date the foreign currency payment is received by the IRS.

What is the currency exchange rate converter tool?

This Exchange Rate Converter Tool is designed to make foreign currency exchange data values easier to access for federal agency reporting purposes. Fiscal Data’s Currency Exchange Rates Converter Tool gives accurate and reliable currency exchange rates based on trusted U.S. Treasury data.

Does the Internal Revenue Service have a currency exchange rate?

The Internal Revenue Service has no official exchange rate. Generally, it accepts any posted exchange rate that is used consistently. When valuing currency of a foreign country that uses multiple exchange rates, use the rate that applies to your specific facts and circumstances.